## **Royal Medical Society Trust** **Trustees’ Annual Report and Accounts Year Ended 31 August 2024 Scottish Charity No. SC011518** ## Royal Medical Society Trust **Contents of the Accounts** _for the Year Ended 31 August 2024_ ||Page| |---|---| |Charity Information|1| |Report of the Trustees|2-3| |Report of the Independent Examiner|4| |Statement of Receipts and Payments|5| |Statement of Balances|6| |Notes to the Accounts|7-8| Royal Medical Society Trust **Charity information** _for the Year Ended 31 August 2024_ ## **Bank** Bank of Scotland 32a Chambers Street Edinburgh EH1 1JB ## **Independent Examiner** ## **Accountants** Alexander Sloan LLP 1 Lochrin Square 92-98 Fountainbridge Edinburgh EH3 9QA ## **Solicitor** Lindsays, WS 19A Canning Street Edinburgh EH3 8HE ## **Investment advisors** Rathbones Stockbrokers George House 50 George Square Glasgow G2 1EH 1 Royal Medical Society Trust **Trustees’ Annual Report** _for the Year Ended 31 August 2024_ The Trustees present their Report and Accounts of the charity for the year ended 31 August 2024. ## **Governing Document** The Trust is unincorporated and is governed according to the terms of its Trust Deed. ## **Objectives and Activities** The Royal Medical Society was founded over 250 years ago by a group of six medical students as a forum to further their medical knowledge. In August of 1754, they were given a body for dissection and, a month later, after a social evening at a local tavern, agreed to meet fortnightly to read dissertations on medical subjects. On 19 December 1778, the Royal Medical Society of Edinburgh was incorporated by Royal Charter of George III. A Charitable Endowment Trust, known as the Royal Medical Society Trust, was established on 20 March 1980. The objectives of the Trust are to provide financial support for the Society, in particular the maintenance of the Society's premises, historical library, furnishings and equipment, and assistance with the costs of secretarial services, lectures and other meetings of educational value. The contribution from the Trust for these purposes shall not exceed 75% of the Trust's total income, or the Trust's surplus for the year, whichever is the lesser, save in cases where the expenditure is required to safeguard the Society's premises. ## **Trustees** The Trustees who served during the year and up to the date of signature of the financial statements were: ## **Appointment of Trustees** The Trustees consist of a nominated Chairman and Treasurer, the elected Senior President of the Society as well as nominees from the University of Edinburgh Court, the Royal College of Surgeons of Edinburgh, the Royal College of Physicians of Edinburgh and an elected representative of the Society. The Trustees are elected based on their suitable knowledge and expertise. 2 Royal Medical Society Trust **Trustees’ Annual Report** _for the Year Ended 31 August 2024_ ## **Organisational Structure** The Trustees are responsible for the overall direction and administration of the charity which is delegated to the permanent secretaries. The Trustees meet twice a year. ## **Trustees' induction and training** New Trustees are provided with information on obligations and responsibilities during their induction. ## **Risk management** The Trustees are aware that they are required to assess the major operational risks to which the Society is exposed and to put in place measures to mitigate these as far as possible. These risks include those to both the members of the Society and to visitors when in the Society's rooms. Working with the Royal Medical Society Council, the Trustees have responsibility to review all aspects of personal safety. In addition, the Trustees ensure that the financial aspects of the Royal Medical Society and Trust remain on a firm footing. A number of governance issues have been brought to our attention and we are working to address them. ## **Achievements and Performance** The Trust's income in the year was £51,123 (which includes £15,000 from realised investments) (2022-23 £35,938). The Trust had expenditure of £56,355 (2022-23 £50,860). The Trust continues to make a substantial contribution to the finances of the Royal Medical Society and The Trust also disbursed £8,635 in Travel and Study awards to students. ## **Financial Review** The charity reported a deficit of £5,232 in the year. Bank reserves total £8,064 at 31 August 2024. Investments held total £1,017,181 at 31 August 2024. ## **Reserves Policy** The Trust's reserves consist of its investment assets and the policy is to conserve and add to these. In order to do this the current annual breakeven position must be turned into a surplus by reducing the requirement of the Royal Medical Society for funds to balance its budget. ## **Investment Policy** Funds are invested in quoted investments with the aim of achieving a balance of income and capital growth, with a diversified risk profile. The Trustees engaged the services of Rathbones Stockbrokers and Investment Managers who managed the charity's quoted investments during the year. 6/3/2025 Approved by the Trustees on ............................ and signed on their behalf by: _Trustee_ 3 ## Royal Medical Society Trust ## **Independent Examiner’s Report to the Trustees of Royal Medical Society Trust** I report on the Accounts of the charity for the year ended 31 August 2024 which are set out on pages 5 to 8. ## **Respective Responsibilities of Trustees and Examiner** The charity’s Trustees are responsible for the preparation of the Accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity Trustees consider that the audit requirement of Regulation 10(1) (d) of the 2006 Regulations does not apply. It is my responsibility to examine the Accounts as required under Section 44(1) (c) of the Act and to state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Statement** My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts, and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the Accounts. ## **Independent Examiner’s Statement** In the course of my examination, no matter has come to my attention 1. which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and - to prepare Accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or 2. to which in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached. Date: 6/3/2025 4 ## Royal Medical Society Trust ## **Statement of Receipts and Payments** _for the Year Ended 31 August 2024_ |**Receipts**
**_Investment income_**
**Notes**
Dividends received
Proceeds from realised investments
**Total Receipts**
**Payments**
**_Charitable Activities_**
Grants paid
**5**
Computer and equipment costs
Contribution to Royal Medical Society
Independent examination fees
**Total Payments**
**Net (Payments) for the year**|**Unrestricted**
**Funds**
**2024**
**Total**
£
**36,123**
**15,000**
**51,123**
**8,635**
**-**
**47,000**
**720**
**56,355**
**(5,232)**|**Unrestricted**
**Funds**
**2023**
**Total**
£
35,938
-| |---|---|---| |||35,938| |||10,000
3,360
37,500
-| |||50,860| |||| |||(14,922)| The Notes form an integral part of these Accounts. 5 ## Royal Medical Society Trust **Statement of Balances** _as at 31 August 2024_ |**Notes**
**Bank and Cash in Hand**
**4**
Opening balances
Net Receipts/(Payments) for year
**Closing Balances**
**Reserves**
General Fund
**Closing balances**
**Assets**
Fixed Asset Investments
**3**
Due from Royal Medical Society
**6**
_Historical Cost of Investments_
**Liabilities**
Accountancy fees
Independent Examiner's Fee|**2024**
**Total**
£
**13,296**
**(5,232)**
**8,064**
**8,064**
**8,064**
**1,017,181**
**30,666**
686,141
**1,050**
**385**
**1,435**|**Restated**
**2023**
**Total**
£
28,218
(14,922)| |---|---|---| |||13,296| |||13,296| |||13,296| |||982,845
10,434| |||704,799
1,000
500| |||1,500| 6/3/2025 Approved by the Trustees on ................................... and signed on their behalf by: _Trustee_ The Notes form an integral part of these Accounts. 6 Royal Medical Society Trust ## **Notes to the Accounts** _for the Year Ended 31 August 2024_ ## **1. Accounting Policies** ## _**Basis of Accounting**_ The Accounts have been prepared on a Receipts and Payments basis in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). ## **2. Funds** ## _**General Funds**_ Encompasses all income and expenditure relating to the primary focus activity of the charity, other than those for which funding is restricted. ## **3. Fixed Asset Investments** The Trust holds investments which are managed by Rathbones. Dividends received are deposited into the Trust's bank current account on a monthly basis and these are accounted for in the Receipts and Payments accounts. Fees paid to the investment manager come from the investments held and so are not recorded in the Receipts and Payments accounts. To aid transparency, disclosure reconciling the Investments opening and closing balances are noted below: |Opening Balance Held at 1 September 2023 / 2022
Dividends received in the year
Fees paid to investment managers
Funds realised
Transferred to the bank current account
Market Valuation (Losses)/Gains in the period
Closing Balance Held at 31 August 2024 / 2023
**4. Bank and cash in Hand**
_Comprising_
Current Account|**2024**
£
982,845
36,123
(8,877)
15,000
(51,123)
43,213
**1,017,181**
**2024**
£
8,064
**8,064**|**Restated**
**2023**
£
1,031,336
35,938
(8,690)
-
(35,938)
(39,801)| |---|---|---| |||**982,845**| |||**2023**
£
13,296| |||13,296| 7 Royal Medical Society Trust **Notes to the Accounts** _for the Year Ended 31 August 2024_ ## **5. Grants Paid** The Trust awards Travel and Study Awards to students. In the financial year to 31 August 2024, the Trust awarded grants worth £8,635 to 22 individuals (year to 31 August 2023, £10,000 to 25 individuals). ## **6. Contributions to Royal Medical Society and Amounts Due** The Trust agrees to make an annual contribution to the Royal Medical Society. The amount is calculated as being the lesser of: 75% of the General Fund income of the Trust or 100% of the surplus for the year, excluding the contributions themselves and proceds from realised investments). For the year to 31 August 2024, the amount to be contributed to the Society has been calculated as £26,480. |Opening Balance Owed from/(to) Society at 1 September 2023 / 2022
Amounts due to the Society based on calculation
Amounts paid over to the Society in the year
Paid by the Society on behalf of the Trust
Paid by the Trust on behalf of the Society
Correction to prior year note
**Closing Balance Owed from/(to) Society at 31 August 2024 / 2023**|**2024**
£
10,434
(26,480)
47,000
(1,008)
720
-
**30,666**|**2023**
£
(16,899)
(19,165)
37,500
(1,320)
3,360
6,958| |---|---|---| |||10,434| ## **7. Trustees remuneration** The trustees received no renumeration or expenses in the year (2023: Nil). 8